Do you need a DPOR Bond?
If you are a construction company looking to work in Virginia you may need post a DPOR Bond. The Virginia Department of Professional and Occupational Regulation will require all contractors looking to obtain their. Class “A” or Class “B” Contractors license to post a two year $50,000 bond when obtaining your contractors license.
- First you will need apply with DPOR and take the classes with in order to pass the required exam set by DPOR. Once you have passed your test and before you can get a license officially, you will need to post your DPOR bond for $50,000 for two years.
- To obtain your bond you will need to complete a one page application that includes your company information and owners personal information including SSN. The main underwriting criteria the surety looks at for this type of bond is the owners personal credit. As long as the personal credit is good the bond should be approved and usually costs around $875.00 for the two year term.
- If you have poor personal credit there could still be some options to get the bond approved and issued. However the markets that are willing to consider approving the bond will usually charge significantly more in order to approve the bond.
Contact us at District Bonding for your DPOR bond needs as we work only bonds and have markets specifically for helping contractors get approved quickly. We even accept payment online with a credit card. We look forward to hearing from you.